Market Chatter: APRA Chief Rejects Claims That Regulator Did Not Do Enough to Prevent Investor Losses from Failed Funds, The Australian Financial Review Says

MT Newswires Live

Jan 07

Australian Prudential Regulation Authority (APRA) chairman John Lonsdale rejected claims that it did not do enough to prevent losses of AU$1.2 billion to investors from the failed Shield and First Guardian funds, The Australian Financial Review reported on Wednesday.

Lonsdale said the license conditions imposed on Diversa were related to non-financial risk issues and the complexity of "that organization" and that "they did not go to its platforms," after Senator Deborah O'Neill targeted APRA in parliamentary hearings for not noticing the issues earlier.

Lonsdale said that claims that the regulator could have stopped the losses from the failed funds earlier were simply wrong.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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